Thu: Tel Aviv 25 down 1.1% on week.

Isramco and the banks led a late surge, but Israel Chemicals was depressed by weak commodity prices.

The Tel Aviv Stock Exchange (TASE) rose today. The Tel Aviv 25 Index rose 1.35% to 1,205.59 points, the Tel Aviv 100 Index rose 1.13% to 1,098.06 points, and the BlueTech 50 Index rose 1.71% to 266.21 points. Turnover was NIS 2.4 billion.

The TASE today continued its volatility characteristic of the week. A late surge sent the market up sharply at the end of the session. However, the negative trend dominated the week, and the Tel Aviv 25 Index fell another 1.1%, after falling 0.7% last week.

In the bond market, long-term Shahar unlinked government bonds rose by up to 0.1%, but long-term Galil CPI-linked bonds ranged fell by 0.3%. The corporate bond benchmark Tel-Bond 20 Index fell 0.10%.

In the foreign currency market, the shekel-dollar representative exchange rate rose 1.96% to NIS 3.485/$, and the shekel-euro representative exchange rate rose 0.39% to NIS 4.911/€.

In the stock market, Tamar partner Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) rose 3.4% today, after falling 6.2% yesterday.

The banks stood out today. Many local analysts believe that the shares' current prices create a buy opportunity. Bank Leumi (TASE: LUMI) rose 3.4%, for the biggest gain among Tel Aviv 25 shares. Israel Discount Bank (TASE: DSCT) rose 2.8%.

Israel Chemicals Ltd. (TASE: ICL) fell 2.9% on the day's largest turnover of NSI 237 million, on weak commodity prices. The company today announced the acquisition of Mexican functional food ingredients and specialty chemicals manufacturer Cosmocel Quimica SA de CV for an undisclosed amount.

Two technology companies stood out for the week: Fundtech Ltd. (Nasdaq: FNDT; TASE: FNDT) rose 20.7%, including 5% today, and Ness Technologies Ltd. (Nasdaq: NSTC; TASE: NSTC) rose 18.4%, including 1.7% today. Fundtech rose following reports that it was in preliminary talks on a sale; Ness rose after announcing earlier this week its acquisition by CitiGroup unit CVCI.

Published by Globes [online], Israel business news - www.globes-online.com - on June 16, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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